Uniswap Fires Back: Warns SEC Against Broad Crypto Exchange Definition

This post was originally published on Bitcoinist

Uniswap Labs is challenging the US Securities and Exchange Commission’s (SEC) proposed rulemaking efforts that would expand the definition of a crypto ‘exchange’ under US securities laws to include decentralized finance (DeFi) platforms. The challenge is framed within a letter to the SEC, bolstered by recent Supreme Court decisions that could influence the interpretation and enforceability of such regulatory expansions.

Uniswap Takes On SEC

Katherine Minarik, Chief Legal Officer of Uniswap Labs, revealed the company’s step in a post on X, citing the US Supreme Court’s recent judgment which rejects the application of Chevron deference in federal agency rulemaking. “For better or worse, the Supreme Court has rejected Chevron deference. The SEC’s proposal was flawed even with that deference — and it’s all the more so under today’s standard,” Minarik stated.

Today @Uniswap Labs urged the SEC not to proceed with its proposed rulemaking that would dramatically and improperly expand the definition of an ‘exchange’ to include DeFi and more. 1/x

— Katherine Minarik (@MinarikLaw) July 9, 2024

The Chevron deference historically allowed courts to defer to a federal agency’s interpretation of an ambiguous statute within its jurisdiction. The landmark decision in the case of Loper Bright Enterprises, et

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